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- Sources of IncomeYou’ve heard the term ‘there’s more than one way to skin a cat?’ Thank goodness that’s not what we’re talking about today. There is, however, more than one way to earn some income too. In the following lessons we’re going to describe, identify, compare, and understand about the 5 sources of income recommended in this course.5
- 1.1Target Income Goal
- 1.2PERCENTAGE GOAL (SOURCES OF INCOME) = What percentage of my income should or could come from the recommended 5 sources of income?
- 1.3REPORTING GOAL (SOURCES OF INCOME) = Where can I find my actual income numbers to input into the financial planning form?
- 1.4RESULTS GOAL (SOURCES OF INCOME) = How do I increase or decrease my recommended 5 sources of income short-term vs. long-term?
- 1.53 QUESTION QUIZ (SOURCES OF INCOME) = Who’s job is it to hold you accountable?10 Minutes0 Questions
- Asset AllocationThink of asset allocation in terms of different food groups. Remember in elementary school, they taught us about nutrition and food groups? You can’t eat only bread or carbs our entire life. We also need fruits, vegetables, protein, and sweets. The same concept applies to asset allocation.5
- Credit Card DebtWe all want a FICO score of 720 or higher in this program. When your credit score is good, you typically pay lower interest when you take out a loan. You get access to better loan terms. This especially pays off when you talk about large loans like your car or mortgage.5
- Percentage BudgetingLet’s say you only know your total monthly expenses. What if something happens and you need to adjust your budget? You won’t even know where to begin without percentage budgeting. Let’s get better equipped to make changes for better or worse, if necessary.5
- Cash ReservesYou’ll learn how much cash reserves you should have on hand before deploying your disposable income elsewhere and how much you potentially could deploy toward other opportunities. Plus, how many months you could go without income before your cash is depleted.5
PERCENTAGE GOAL (SOURCES OF INCOME) = What percentage of my income should or could come from the recommended 5 sources of income?
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